Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #96268 is a reply to message #96265] Tue, 10 January 2023 17:21 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 852
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
The die is cast I know with your beliefs in economic issue Wayne. As is almost anyone well seasoned in life has their's firmly placed. That I well understand. I appreciate you still allowing me to express mine. My hope is the youth of our nation that feel the yoke on their shoulders getting ahead will take on the established ways that aren't working for most of us and work on making realistic change politically. The baby boomers are fast aging and the legacy passed on to the upcoming generations will be a challenge.

The blueprint is there for them with the few renegade economists that can see the severe shortcomings in the way capitalism has been managed over these short few decades it's degraded our way of living. For me, the 2nd largest institutionalized Brothel to the political one, is the academic economic doctrine.

Hopefully in the coming decades the United States will have learned to stop trying to be the worlds military influencer with our belief in our exceptionalism, (national security) and rules based reasoning that is a bit hypocritical.
With that in mind our military budget that absorbes nearly a trillion dollars annually could be tapered down to a defensive rather than the imperialist one to the tune of trillions over the years that could help with our debt load. That and the perpetual enabling of the banking and corporate system's greedy self indulgences. And creating a fair progressive tax code.
One thing's for sure, doing that doesn't require austarity for the bulk of our population to ease the debt. With liberty, justice and Medicare for all.
Re: Modern Monetary Theory [message #96305 is a reply to message #96268] Tue, 24 January 2023 11:10 Go to previous messageGo to next message
Rusty is currently offline  Rusty
Messages: 852
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
This is a good sketch of contrasting economic thoughts. Austrian vs MMT. Randall Wray again. Being one of the co authors of MMT with Bill Mitchell, shows his prowess with the subject. There's instances where the two economist share similar views. Principally the role of the Federal Reserve system. Randall though as the progressive non orthodox group of economists shares a deep grasp of economic history necessary to bolster their rhetoric. A good clash of styles here. Much too short to encompass either doctrine. A thumb nail sketch it is.

We've lived with the Austrian type of economy for a good enough time to see it not living up to it's free market fantasy. Government has always been integral to business and society. Capitalism gave rise to more choice and prosperity only to stymie it through it's responsibility only to it's self interests. There has to be a balance with both that is sorely missing today. MMT has practical approaches to mitigate this imbalance.

https://www.youtube.com/watch?v=ROuXUr4yg8A&t=2s
Re: Modern Monetary Theory [message #96308 is a reply to message #96305] Fri, 27 January 2023 10:20 Go to previous message
Rusty is currently offline  Rusty
Messages: 852
Registered: May 2018
Location: Kansas City Missouri
Illuminati (2nd Degree)
Interesting to read about Japan's inflation rate. Their central bank hasn't done the destructive habit of raising their interest rate to control inflation. They've left it alone. Their inflation rate is now at 4% and expected to drop to 2% in time. The US is at 6.5 now and aiming to drop to 3.2% hopefully. What it shows with monetary policy is that it is unnecessary to put people out of work and make the public have to spend more for goods and services to get inflation under control.

There is a false notion also with western ideology that the bond market can be driven up with speculation which is totally false to reality. Any sovereign government can do this.

Bill Mitchell, lead author of Modern Monetary Theory can see through the Investment cabals propaganda that warps reality.:

Bank of Japan stuns financial markets again!

There was disbelief last week among financial markets over the Bank of Japan's decision to leave their policy settings unchanged.

One Twitter hero who keep pronouncing Modern Monetary Theory (MMT) dead (he seems obsessed with our work) also wrote recently that the major play in financial markets now is pressuring the Bank of Japan to change policy and come into line with the rest of the world.

He seems to think that it is the financial market greed merchants who rule the show and can force the policy makers in Japan to cower in fear and adjust policy so that the speculators walk away with billions in profits irrespective of the policy impacts on the people of Japan.

He is continually wrong about everything including the power of the financial markets.

There is now widespread financial market speculation aiming to profit from a change in the Bank's policy, which the 'clever' financial markets think is inevitable because, after all, mainstream economics says that when inflation is rising interest rates have to rise.

Fools' logic.
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